Wall Street Zen Upgrades Docusign (NASDAQ:DOCU) to Strong-Buy

Docusign (NASDAQ:DOCU) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

Several other research firms also recently weighed in on DOCU. BTIG Research reduced their price target on shares of Docusign from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, June 5th. Wells Fargo & Company lowered their price objective on Docusign from $60.00 to $55.00 and set an “equal weight” rating on the stock in a report on Friday, June 5th. Needham & Company LLC restated a “hold” rating on shares of Docusign in a research note on Friday, June 5th. UBS Group set a $60.00 price objective on Docusign in a research note on Friday, June 5th. Finally, Weiss Ratings upgraded shares of Docusign from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, July 14th. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Docusign presently has an average rating of “Hold” and an average target price of $60.27.

Docusign Price Performance

Shares of Docusign stock opened at $50.44 on Friday. Docusign has a 52 week low of $40.16 and a 52 week high of $86.65. The firm has a market capitalization of $9.63 billion, a P/E ratio of 32.75, a PEG ratio of 1.49 and a beta of 0.90. The company has a 50 day moving average price of $47.83 and a 200 day moving average price of $48.78.

Docusign (NASDAQ:DOCU) last posted its quarterly earnings data on Thursday, June 4th. The company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.99 by $0.10. The business had revenue of $830.24 million during the quarter, compared to the consensus estimate of $824.71 million. Docusign had a net margin of 9.59% and a return on equity of 17.48%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 earnings per share. As a group, research analysts anticipate that Docusign will post 2.03 earnings per share for the current fiscal year.

Insider Transactions at Docusign

In other news, insider James P. Shaughnessy sold 12,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $45.54, for a total value of $546,480.00. Following the completion of the sale, the insider owned 52,815 shares of the company’s stock, valued at $2,405,195.10. This represents a 18.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Allan C. Thygesen sold 26,250 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $46.02, for a total value of $1,208,025.00. Following the completion of the sale, the chief executive officer owned 159,038 shares of the company’s stock, valued at approximately $7,318,928.76. This trade represents a 14.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 76,695 shares of company stock worth $3,476,002 in the last quarter. 0.59% of the stock is owned by corporate insiders.

Institutional Trading of Docusign

Hedge funds have recently made changes to their positions in the company. Modus Advisors LLC purchased a new position in shares of Docusign in the fourth quarter valued at $27,000. Torren Management LLC acquired a new position in Docusign in the 4th quarter worth $28,000. Cary Street Partners Investment Advisory LLC lifted its holdings in Docusign by 309.5% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 561 shares of the company’s stock worth $38,000 after buying an additional 424 shares in the last quarter. Basepoint Wealth LLC purchased a new position in Docusign in the 4th quarter valued at about $39,000. Finally, WealthCollab LLC boosted its position in Docusign by 372.4% in the 1st quarter. WealthCollab LLC now owns 855 shares of the company’s stock valued at $41,000 after buying an additional 674 shares during the last quarter. Hedge funds and other institutional investors own 77.64% of the company’s stock.

About Docusign

DocuSign, Inc (NASDAQ: DOCU) is a leading provider of electronic signature and digital transaction management solutions. The company’s flagship offering, DocuSign eSignature, enables organizations to send, sign and manage legally binding electronic agreements securely in the cloud. Beyond eSignature, DocuSign’s Agreement Cloud combines contract lifecycle management, document generation, and workflow automation to streamline agreement processes from initiation through execution and storage.

DocuSign’s platform serves a diverse customer base spanning industries such as finance, real estate, healthcare, technology, and government.